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8 - The Myth of the Invisible Hand: Neo-liberal Streams

from Part III - The Disgregation of the Mainstream

Published online by Cambridge University Press:  25 November 2019

Alessandro Roncaglia
Alessandro Roncaglia
Affiliation:
Università degli Studi di Roma 'La Sapienza', Italy
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Summary

In the framework of a critical illustration of the contemporary history of economics, this chapter illustrates the various streams of neo-liberalism, from Ordoliberalism to Mises’s new Austrian school and Hicks’s Austrian capital theory, from Friedman and the Chicago school to rational expectations and supply-side economics, from the public choice school to political economics, from the Mount Pélerin Society to the Washington consensus and the idea of expansionary austerity. Step by step, the feeble theoretical and conceptual foundations of this set of theories are critically discussed.

Keywords

Invisible handNeo-liberalismOrdoliberalismMonetarismAustrian schoolRational expectationsSupply-side economicsPublic choiceMont Pèlerin SccietyWashington consensus
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Chapter
Information
The Age of Fragmentation
A History of Contemporary Economic Thought
 , pp. 177 - 217
Publisher: Cambridge University Press
Print publication year: 2019

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